Since I bought my home, the mortgage payment included insurance coverage, property taxes and paying down the principle. Some 30 years later the loan has been paid off. Now I pay the property taxes which, have increased substantially more than my original loan payment. What makes it worse is that the value of my home dropped by almost 40 percent but the property taxes still went up. How does that happen?
It starts with setting up a confusing taxing system that few understand. Then add a multiplier that seems to overcompensate when prices fluctuate. This is happening not only in Cook County but the entire state. There are a numerous foreclosed, empty homes. People are moving out of the area and state. Companies are doing the same, leaving the politicians with less collected tax dollars.
Here is an analogy. There is a big bowl of money politicians need for the operation of government. However, they see it shrinking. What do they do? Their knee-jerk response is to raise the taxes on those of us that are left in order to maintain the size of the bowl. What should happen is they should utilize a smaller bowl that reflects the loss of revenue and a corresponding cutting of staff, departments, buildings and politicians.
Taxpayers continuously make sacrifices and cut their budgets in order to pay these taxes. When will Cook County and the state do the same?
Wayne Oras Sr.